VC Network Position,Specialization and Innovation Capability
Jin Yonghong1, Liao Yuan2, Xi Yuqin3
1. School of Finance and Business,Shanghai Normal University,Shanghai 200234,China; 2. School of Business,East China University of Science and Technology,Shanghai 200237,China; 3. School of Management,Shanghai University of International Business and Economics,Shanghai 201620,China
Abstract：This paper explores the impact of the position of venture capital network on innovation capabilities and the role of investment specialization in it.This study concludes as follows.Firstly,the position of the venture capital network has a significantly positive correlation with the innovation capacity of the invested company.Secondly,the degree of industry specialization enhances the positive impact of venture capital network position on innovation capability.Thirdly,the degree of regional specialization reduces the positive correlation of venture capital network position and innovation capability.Finally,the degree of stage specialization also dwindles this kind of positive correlation.The findings of this paper not only enrich the existing research literature about the impact of venture capital on corporate innovation,but also play some certain guiding role for venture capital practice.
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